Group 1: Market Overview - As of November 2025, the total net asset value of public funds in the market is 36 trillion yuan, with a month-on-month decrease of 0.06% [1] - The total share of public funds in the market is 31.36 trillion shares, showing a month-on-month increase of 0.37%, with equity funds at 6.5 trillion shares (up 1.55%) and bond funds at 9.15 trillion shares (up 0.21%) [1] - New fund issuance in November 2025 reached 94.567 billion shares, a month-on-month increase of 30.81%, accounting for 82.64% of the month's public fund share increment [1] Group 2: Investor Behavior - Personal investor risk appetite has slightly improved, with ordinary stock, enhanced index, and mixed funds showing month-on-month increases of 0.18%, 3.62%, and 0.41% respectively [2] - QDII and FOF funds continue to see net inflows, with month-on-month growth rates of 3.97% and 8.88% respectively [2] - Institutional investors are seeking to enhance returns amid interest rate fluctuations, with funds primarily flowing into secondary bond funds and REITs, showing month-on-month increases of 0.50% and 1.10% respectively [2] Group 3: Industry Trends - The bond market is experiencing increased volatility, making capital gains harder to achieve, leading to a shift towards more attractive fixed-income plus products [3] - Mixed FOF products are seeing sustained month-on-month growth in new issuance, driven by large-scale issuances supported by the招商银行长盈计划 [3] - The "TREE 长盈计划" aims to provide a one-stop asset allocation solution, focusing on risk control and stable returns for clients [3] - The new performance evaluation guidelines for fund management companies have been issued for consultation, emphasizing the alignment of fund managers' interests with those of investors and enhancing investor experience [3]

Core Viewpoint - The article discusses the new performance evaluation regulations in the non-bank financial sector, emphasizing the importance of investor experience and the growth of mixed FOF products [5]. Group 1: Fund Market Overview - As of November 2025, the total net asset value of public funds in the market reached 36 trillion yuan, with a slight decrease of 0.06% month-on-month [3]. - The total number of public fund shares was 31.36 trillion, reflecting a month-on-month increase of 0.37%. Equity funds accounted for 6.5 trillion shares, up 1.55%, while bond funds totaled 9.15 trillion shares, up 0.21%. Money market fund shares were 14.61 trillion, down 0.44% [3]. - In November 2025, 945.67 billion new fund shares were issued, marking a month-on-month increase of 30.81%, with equity funds contributing 546.69 billion shares (up 42.27%) and bond funds 216.66 billion shares (up 49.2%) [3]. Group 2: Investor Behavior - There was a slight recovery in individual investors' risk appetite, with ordinary stock, enhanced index, and mixed funds showing month-on-month increases of 0.18%, 3.62%, and 0.41%, respectively. QDII and FOF funds continued to see net inflows, with growth rates of 3.97% and 8.88% [4]. - Institutional investors are seeking to enhance returns amid interest rate fluctuations, with funds primarily flowing into secondary bond funds and REITs, which saw month-on-month increases of 0.50% and 1.10% [4]. Group 3: Industry Trends - The industry is placing greater emphasis on investor experience, with the issuance of mixed FOF products continuing to grow month-on-month. The new performance evaluation regulations are currently under consultation [5]. - The 10-year government bond yield has fluctuated upwards, leading to increased volatility in the bond market. This has made capital gains more challenging, prompting new fixed-income products to shift towards more attractive fixed-income plus products [5]. - The "TREE Changying Plan," launched by China Merchants Bank in collaboration with public funds, aims to provide a one-stop asset allocation solution for clients, focusing on risk control and stable returns through optimal FOF selection [5].

Core Viewpoint - The public offering of Fund of Funds (FOF) has seen a surge in issuance in October, driven by strong sales channels, particularly from China Merchants Bank, which has revitalized the market after a period of decline [1][8][14]. Group 1: Recent Trends in FOF Issuance - In October, the Huatai-PineBridge Yingtai Stable 3-Month Holding (FOF) was launched with a first fundraising scale of 55.77 billion yuan, making it the highest-selling public offering product of the month [1]. - This month marks the fourth public FOF with sales exceeding 20 billion yuan, with notable products including Ping An Yingxiang Multi-Asset 6-Month Holding (28.08 billion yuan) and others [2]. - The surge in "hot" FOF products is attributed to the promotional efforts of China Merchants Bank, which has implemented the "TREE Long-term Profit Plan" to provide a one-stop asset allocation solution [3][4]. Group 2: Performance and Market Dynamics - The FOF market has experienced three development phases since its inception in September 2017, with a significant increase in the number of products but a decline in overall scale from 2022 to 2024 [9]. - As of October 27, 2023, 56 new FOFs have been established this year, totaling 561.24 billion yuan, with 17 products exceeding 10 billion yuan in issuance [10]. - The year has seen a record number of FOFs being liquidated, with 28 products cleared, primarily due to failing to meet the minimum asset threshold [10]. Group 3: Impact of Distribution Channels - The strong promotional efforts by China Merchants Bank have been pivotal in reversing the downturn in the public FOF market, enhancing awareness and acceptance among investors [8][14]. - The "TREE Long-term Profit Plan" categorizes products based on risk and return, allowing for a structured approach to asset allocation [4][5]. - The competitive landscape has intensified as various fund companies seek collaboration with China Merchants Bank, leading to a diverse range of products available for investors [6]. Group 4: Future Outlook - The reliance on distribution channels for FOF sales has raised concerns about the sustainability of this growth model, as it may lead to a focus on marketing over product quality [15]. - The potential for continued growth in the FOF sector hinges on the ability of fund companies to innovate and improve product performance while maintaining strong relationships with distribution channels [15].